Financial Accounting

Contra Entry:  The term ‘Contra’ refers to the opposite side. When both aspects (Debit and Credit) of a transaction are recorded in the same account but in ...

Grouping and Marshalling or Arrangement of Assets and Liabilities.  The assets and liabilities should be shown in a certain order in the Balance ...

Cash Book is both a Journal and a ledger: Cash Book plays dual role.as a boor of original entry (or primary entry) as well as a ledger. It is a subsidiary ...

Meaning of Cash Book.  A Cash Book is a special Journal which is used for recording all cash receipts and all cash payments. All cash transactions are ...

Purchases Book: Purchases Book (also known as Invoice Book or Purchases Journal or Purchases Day Book) is one of the ...

Meaning of Ledger:  Journal is a memorandum book to record transactions date wise. On a particular date what are total purchases, total sales, ...

Advantages Financial Accounting. Maintenance of business records: All financial transactions are recorded in a systematic manner in the books of ...

Accounting is both a science and an Art:  Science may be defined as a systematic body of knowledge based on certain principles which have universal ...

Advantages Financial Accounting: Maintenance of business records: All financial transactions are recorded in a systematic manner in the books of ...

The Main Objective of Primary Accounting are: To maintain accounting records:  Now a days the volume of transaction is to large that human memory ...

Accounting may be defined as the process of collecting, recording, summarizing and communicating financial information. Accounting is nothing but a means ...

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